It is a real challenge for the organizations to continuously strike a balance between their growth and sustainability challenge. Sustainability is more about consuming less and conserving more but the corporate is more about consuming more and saving less. This is the major loophole which corporates have to fill but keeping their gains intact. Not only this but when a sustainable solution to any problem is arrived at it further leads to several other problems. Some of the quick fixes that companies could use to keep the pace of sustainability are:- • Size is important: - Pursuance of sustainability and the company size should be in sync to each other.
Originally believed that sustainability or environmental protection was the responsibility of developed countries is no longer true. The developing countries have equal stake and probably more than the developed countries as it becomes extremely critical for them to use their resources carefully. Now that we have established through various industry cases of how sustainability can be profitable, let us look at steps an organization can take to internally promote sustainability 1. Incentivize Sustainability: If the organization wants its managers to think about the triple bottom line, incentivizing them helps achieve sustainability targets. 2.
Corporate Social Responsibility usually relates either to political issues or to organizational level concerns and are often embedded in culture. The complexity of operation in a universal society places new and upcoming demands on corporations and their leadership. As the roles and tasks of government have been re-defined and the borders between corporate organization and government become less clear. Literature shows that business leaders are facing a number of challenges in a competitive environment. In the new age of CSR, the needs and demands of all the stakeholders, consumers, employees, national as well as global regulators, watchdogs, NGOs, and activist groups have to be
Corporate sustainability was once seen as a philanthropic activity but now it is getting its due importance at leading companies. Companies have gone to the extent of proactive environmental management which encourages corporations to prevent pollution at the source rather than at the end of pipeline. Cutting edge firms are going beyond pollution prevention and exploring new opportunities for developing eco-friendly products, processes and technology. For many firms, environmental values are
Many organizations have started to become active in addressing social concerns. Social responsibility involves being accountable for the social effects the company has on people directly or even indirectly. The people within the company, in the supply chain of the company, in the community the company is in and as customers of the company, that is the whole lot of stakeholder are all included in this. It refers to the management’s requirement to make choices and take actions that will add to the welfare and interests of the community and that of the organization. The following have been found to be key social aspects of CSR for an
Corporate Social Responsibility (CSR) has gained its importance as an essential activity for corporate nationally and internationally. It has become a matter of utmost importance for diverse groups demanding change in the business orientation. From 1980 to 2000, corporations recognized and started accepting a responsibility towards society. CSR implies some sort of commitment, through corporate policies and action. This operational view of CSR is reflected in a firm's social performance, which can be assessed by how a firm manages its societal relationships, its social impact and the outcomes of its CSR policies and actions.12 The term ‘corporate social performance’ was first coined by Sethi (1975), expanded by Carroll (1979), and then refined
WHEN CORPORATE SOCIAL RESPONSIBILITY POSITIVELY OR NEGATIVELY INFLUENCE THE CONSUMER ATTITUDE AND BEHAVIOR Introduction The quick enhance of corporate social responsibility (CSR) practices in many firms, a problem about the way in employee attitudes and behaviors has become critical. Nowadays, corporations devote their resources to corporate social responsibility (CSR) presuming that “doing good always leads to doing better” (Sen & Bhattacharya, 2001). There is a growing belief that CSR is a source of competitive advantage for the firms (Hart, 1995; Shrivastava, 1995) because it enhances firms’ reputation which results in favorable behaviors of different stakeholder groups such as employees, community and particularly consumers (Brown &
Follow by the Genting’s business activities and impact on environmental, society and economy responsibility, and elaborates alternative approaches to problem solving and the attainment of efficiency. LITERATURE REVIEW Swart & Raes, 2007 has depicted that the term sustainability, sustainable development, and sustainable growth have entered into the vocabulary of academics, business people, and policymakers alike as these communities have come to believe that economic growth must considered its ecological and societal impact if it is to be sustained longevity. In 20 years ago, World Commission on Economic Development (WCED) has brought sustainability as one of the key issues into the mainstream of corporate business practice and scholar research’s agenda (Crittenden, et al., 2011; Holleran, 2008). The demonstration of business accountability to society has employed several terms and management approaches (for example, sustainability, sustainable development, triple bottom line, corporate social responsibility (CSR), environmental responsibility, social responsibility, corporate citizenship and green marketing) (Crittenden, et al.,
Social responsibility means maintaining the harmony between the two. It relates to business associations as well as to everybody who's activity affects the earth. This responsibility can be passive, by refraining from taking part in socially unsafe acts, or active, by performing exercises that specifically propel social objectives. A few critics claim that corporate social responsibility (CSR) is part of the basic financial part of organizations; others claim that it is simply an extra act to be done. A critical number of studies have demonstrated no negative impact on shareholder results from CSR yet rather a marginally negative connection with heightened shareholder returns.
This is in line with the “vision 2020” plan that was developed in year 1991. One of the main goals of vision 2020 is to create a society that is not only economically well to do but also concerned about their actions and ethics towards others (Mohammad 1991). To achieve this, corporate social responsibility plays an important role in the business sector that has been earmarked as one of the key factors that can improve the country’s economy as well as benefit Malaysian’s lives at the same time (Mohammad 1991). This means that local companies have to find a customer base abroad especially in western countries as they have more spending power and this in turn will help our country’s economy grow and one of the ways of attracting these potential customers is by having a good corporate social responsibility track record. 2.3 CSR activities normally involve NGO’s and thus help with their growth Besides government bodies, non-government organizations as well as the media have played an important role on matters such as pollution, product safety, health hazards as well as discrimination against the handicapped.